Hammond Barr Accountants

It is the responsibility of all business owners to maintain accurate records and keep all company documentation for a six year period. As from 1st January 2016 only HMRC compliant software can be used to file accounts.
Accordingly, the team at Hammond-Barr will help you:

  • Collate sales and purchase invoices and prepare accurate sales ledgers.
  • Prepare a schedule showing how much your debtors owe you and how much you owe your creditors.
  • Calculate the corporation tax or income tax due and any losses arising.

We can then use this information to prepare a profit and loss account, to show the financial status of the business. This can be used to manage the business and keep taxes at a minimum.

Our software provides all the above and as it is HMRC compliant it enables accounts to be prepared and filed.

We specialise in owner-managed businesses and we are fully aware of how the use of your time is so important. Let us prepare your accounts and by using our MTD compliant software we can give you more time to concentrate on doing what you do best: running your business.

We offer a wide range of accounting services which are fully tailored to your needs. We also guarantee that accounts are prepared and filed in accordance with HMRC guidelines, meeting all deadlines.

We offer a free consultation in which we devise you on whether to operate the business as a sole trader/partnership or limited company.

All our core services and ancillary services are available to you. These include compliance and time saving services.
We offer a fixed fee service which is based on your needs and always agreed in advance.

VAT is a tax imposed by HMRC for all businesses: sole trader, partnership, LLP or limited company with a turnover in excess of £85,000 per annum (2018-19 tax year).

HMRC is increasingly clamping down on businesses which should be registered for VAT and imposing fines and penalties on those which are not compliant. Once registered for VAT it is necessary to register for HMRC online services as it is now obligatory to file all VAT returns via the government gateway.

VAT returns are due on a quarterly basis and VAT due is paid to HMRC, or repayments claimed, within one month and seven days after the end of the VAT quarter.

It is vital that not only should the returns be accurate, but also that all sales and purchase invoices should be kept for six years.

As from 1 April 2019 only HMRC compliant software can be sued to file VAT returns.

We offer expert advice on all areas of VAT.

All limited companies have a legal obligation to file a company tax return (CT600) within the defined timescale. This is prepared on completion of the company accounts and following their approval by the director/s.

We guarantee the CT600 is filed online at HMRC by the deadline.

We will advise you of any corporation tax to pay and how and when to pay it. Should the company make a loss then we advise you how to declare this and whether or not to carry it back or forward to offset against past of future profits.

Hammond-Barr will remind you of when accounts are due and the importance of providing accurate information.

All business owners have a responsibility to maintain accurate records and accounts. However, although management accounts are not a legal requirement they are essential in helping you manage your business to achieve its full potential.

Accordingly, with our hands on approach, we act as your partner to help you plan your strategies and identify potential problems before they arise. This ensures you are in a position to make timely and meaningful decisions to help you grow your business.

As a hands on firm we advise you of all relevant budgetary changes made annually by the Chancellor of the Exchequer. Hammond-Barr is a specialist firm in this area and, in addition to keeping you informed of the changes, we advise you on how best to take advantage of them.

Tax enquiries can arise at any time and can be quite unnerving. It is therefore paramount that all books and records are not only accurate but available should an HMRC inspector wish to see them. This could be an enquiry into PAYE records, tax claims (income and corporation tax) or VAT claims and will normally be dealt with by your accountant.

Should HMRC decide that you owe tax you have the right to appeal to the tax tribunal against the decision. This is a complex area and requires expert help.

Once a decision is made by HMRC then you have 30 days to lodge an appeal.

Under the Construction Industry Scheme contractors deduct money from payments made to a subcontractor and pay it to HMRC via the contractor’s PAYE payroll scheme. Contractors must have a PAYE scheme in place and register for CIS before they may make any CIS deductions.

The subcontractor must register for CIS with HMRC, at which time the percentage of the CIS deduction is determined by HMRC. Deductions may be made at a rate of 20%, 30%, or a subcontractor may be paid gross if they comply with certain HMRC criteria.

Payslips are issued to subcontractors in the same way as for employees. The CIS deductions made count as advance payments towards the subcontractor’s tax and National Insurance.

If a limited company acts as a subcontractor then they are subject to the same procedures as above but they may be able to offset CIS deductions suffered against payment of PAYE/NICs/CIS deduction made from subcontractors due to HMRC during the same accounting period.